DEERFIELD, IL - MasterBrand Cabinets' parent Fortune Brands Home & Security, Inc. (NYSE: FBHS), reported net sales of $909 million in the third quarter, up 7% from the year prior period.
Sales of kitchen and bath cabinetry, which totalled $329.7 million - over a third of Fortune Brands Home & Security sales - rose 6%.
"We had another very good quarter. We had broad strength in our businesses as expected, with sales growth in each of our segments," said Chris Klein, CEO. "We achieved this success as the market for our products continued to improve, with double-digit growth in new housing construction and moderate improvement in spending for home repairs and remodeling."
Kitchen & Bath Cabinetry net sales were up 6%, with operating income of $1.5 million vs. $7.8 million, and operating income before charges/gains of $13.1 million, up 64 percent. Growth came from product line expansion and strength in new construction plus a more modest pick-up in remodeling activity.
"Our cabinet sales grew nicely in the quarter," said Klein. Door sales benefited from the broadening of distribution in doors and windows from strength in new construction. This week MasterBrand Cabinets announced it would hire 125 at its Auburn, AL factory.
Fortune's door and window segments are principally non-wood products.
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